For the quarter Apple’s revenues rose to $37.43 billion from $35.32 billion in the same quarter a year ago, slightly lower than the forecast of $37.98 billion, according to analysts from FactSet.
Apple posted a quarterly net profit of $7.7 billion compared to a net profit of $6.9 billion in the same quarter a year ago.
Sales of Apple’s iPhone, its most profitable product, increased 12.7 percent for the quarter to 35.2 million units while Apple’s iPad sales decreased 9 percent to 13.2 million units compared with 14.6 million units in the same quarter a year ago amid rising competition from Android and saturation in U.S. and European markets.
iPhone sales rose 55 percent in BRIC (Brazil, Russia, India, China) countries and grew 48 percent in China alone, helped by a partnership to sell the smartphone through China Mobile, the world’s largest wireless carrier.
Apple CEO Tim Cook acknowledged the slower tablet growth with the iPad but emphasized that iPad popularity remain strong.
“We’re very bullish about the future of the tablet market” Cook said during the conference call and later admitted that Apple’s theory that the tablet market would eventually surpass the PC market is still intact.
Apple’s $3 billion acquisition of Beats is expected to close this quarter.
Concerning the Beats acquisition, CEO Cook said that “culturally it was a match.”
Apple new CFO Luca Maestri said that Apple expects the current quarter to be “a very busy quarter.”
“We’re very excited about what we have in the pipeline” Maestri added.
Looking ahead to the fall, Apple is expected to unveil a new iPhone 6 with larger with 4.7-inch and 5.5-inch screens, meeting the consumer demand for bigger smartphones.
Apple is also expected to finally release a new wearable device, the iWatch, and a new version of Apple TV.
“We believe the playbook going into September is the same as years past for expected product launches” said Gene Munster, an analyst with Piper Jaffray in a note to investors.